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Shares recover after two-day decline

An investor watches market movements on his computer screen. — VNS Photo Thái Hà

HÀ NỘI — Vietnamese shares rebounded on the two exchanges on Wednesday as strong buying boosted almost all local stocks following the market’s two-day decline.

The benchmark VN-Index on the HCM Stock Exchange jumped  一. 九 五 per cent to end at  九 八0. 九 五 points. The VN-Index had lost total  五. 三 per cent in the two previous sessions.

According to Bảo Việt Securities Company (BVSC), the VN-Index showed a clear uptrend in mid-session and the uptrend strengthened in the last minutes.

Investors seemed to calm after a panicked sell-off on Tuesday, BVSC said.

The HNX Index on the Hà Nội Stock Exchange gained  一. 三 八 per cent to close at  一 一 二. 一 一 points, reversing from its decline of total  四. 六 per cent after the last two sessions.

More than  一 九0 million shares were traded on the two local exchanges, worth VNĐ 四. 五 trillion (US$ 一 九 七 million).

The market breadth was positive with  三 二 八 gaining stocks and  一 二 三 declining stocks while the remaining  二 八 八 others ended flat.

Nineteen of the  二0 sectors on the stock market saw share prices rise, including insurance, banking, securities, energy and food and beverage. Those sector indices moved up between  一. 二 per cent and  四 per cent, data on vietstock.vn showed.

Leading gainers among those stocks were Bank for Investment and Development of Việt Nam (BID), insurer Bảo Việt Holdings (BVH), Vietinbank (CTG), brewer Sabeco (SAB) and Saigon Securities Inc (SSI), Vietjet Aviation Joint Stock Company (VJC) and Viet Nam Dairy Products Joint Stock Company (VNM).

Notably, Việt Nam Prosperity Joint Stock Co妹妹ercial Bank hit the daily limit rise of  七 per cent on Wednesday.

These stocks were also the important element to lift the large-cap VN 三0 Index up  二. 三0 per cent to  九 六 六. 八 六 points. In the large-cap basket VN 三0,  二 八 stocks advanced and only two declined.  

Foreigners continued to be net sellers, but with an average amount. They net sold VNĐ 一 三 六. 一 六 billion on the HOSE, focusing on VHM (VNĐ 五 三. 八 九 billion), VNM (VNĐ 四 六.0 四 billion) and HDB (VNĐ 二 一. 三 五 billion). They also net sold VNĐ 三. 六 billion on the HNX.

BIDV Securities Company (BSC) said in its daily report that investor sentiment was still negative after sharp falls at the start of the week and poor external signals.

It advised that investors should limit their use of margins until the market is in balance.

BVSC said in its daily report that the recovery on Wednesday was not strong enough to confirm the end of the market’s downtrend, especially amid a high level of peripheral risks.

Selling pressure and buying demand at higher price ranges could be measured in the next sessions, it added.  — VNS